{"metadata":{"generator":"Captivate","generatorVersion":"11.8.0","schemaVersion":"","author":"Deborah Diamanti","title":"Series 3 Exam Prep - Roles","description":"","email":"info@examineseriesprep.com","website":"www.examineseriesprep.com","tags":"","thumbnail":"","source":"assets","durationInFrames":88257,"frameRate":30,"totalSlides":78,"width":880,"height":660,"responsive":false,"scalable":true,"launchFile":"index.html","isVRProject":false},"contentStructure":[{"id":"Text_Caption_5","class":"TODO::Senthil","instance":"Text_Caption_5","title":"ESP Exam Securities Prep, Inc. Copyright © 2022. All rights reserved. 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The Chicago Board of Trade issues a report on visible supply.   Visible supply refers to stocks of grain that are in public elevators, stocks of grain that are afloat, and stocks of grain that are in store at certain loading centers.   Stocks of grain on farms are not included in the visible supply.  ","roles":{"textData":{}}},{"id":"Button_2446","class":"TODO::Senthil","instance":"Button_2446","roles":{"click":{"subtype":"button"}}},{"id":"si277611","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si277625","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2177","class":"TODO::Senthil","instance":"Text_Caption_2177","title":"The movement of grain from farms and country elevators into public elevators indicates that supply of the commodity is increasing. Movement of grain out of visible supply may indicate that there is or will be a scarcity of the grain and indicates the possibility of higher prices for futures.   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For example, the crop year for corn runs from September 1 to August 31.   The crop year for wheat runs from June 1 to May 31. With wheat, since July represents the beginning of the harvest, it's expected that the price of wheat will be the lowest for the year because large amounts of new supply are coming to market. There's selling pressure exerted on the price of the commodity because many farmers must sell their crops at the same time in order to raise money to repay loans and prepare for the following crop year.   It's expected that the price of July wheat will be selling under the price of wheat preceding May wheat because the May futures price still reflects the old crop year, when supplies presumably are lower since it's later in the crop year. May wheat futures will sell at a higher price because there's less supply later in the crop year. 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Trading in grain futures is related to the crop year.  ","roles":{"textData":{}}},{"id":"Button_2458","class":"TODO::Senthil","instance":"Button_2458","roles":{"click":{"subtype":"button"}}},{"id":"si278663","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si278677","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1404","class":"TODO::Senthil","instance":"Image_1404","roles":{"click":{"subtype":"button"},"question":{"interactionId":"278682","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Image_1405","class":"TODO::Senthil","instance":"Image_1405","roles":{"click":{"subtype":"button"},"question":{"interactionId":"278711","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2189","class":"TODO::Senthil","instance":"Text_Caption_2189","title":"The first contract month in wheat is July, which is the beginning of the crop year. However, futures contracts have a termination date. The life of a futures contract is established by the exchange on which it's traded and may run from 12 to 18  months in advance of the day that trading ceases. If a long has failed to offset his position by selling an equal amount of the commodity, he must accept delivery. In the same manner, a short who has not offset her position by buying an equal amount of the commodity must make delivery. 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If the cash commodity was unable to be delivered against futures, there would be no economic tie between cash and futures and, therefore, no reason for the prices to trade in a related way.  Visible supply refers to stocks of grain that are in public elevators, stocks of grain that are afloat, and stocks of grain that are in store at certain loading centers.  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Figures for volume and open interest are published daily. Volume refers to the total of purchases or sales during the trading session. For every contract purchased, there's one contract sold, and therefore purchases and sales are not added together.   For example, if 10 contracts of wheat are purchased during the trading session, then 10 contracts were also sold. The volume is 10 contracts, not 20 contracts. 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Let's consider some examples of how open interest is determined. On the first day of trading in a new contract, a trader in Denver buys a contract from a trader in Salt Lake City. The positions appear as follows: ","roles":{"textData":{}}},{"id":"Button_2464","class":"TODO::Senthil","instance":"Button_2464","roles":{"click":{"subtype":"button"}}},{"id":"si279213","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279227","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Image_1410","class":"TODO::Senthil","instance":"Image_1410","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279262","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2192","class":"TODO::Senthil","instance":"Text_Caption_2192","title":"A trader in Phoenix now purchases a contract from a trader in San Francisco. There are now two open contracts and the positions appear as follows: ","roles":{"textData":{}}},{"id":"Image_1411","class":"TODO::Senthil","instance":"Image_1411","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279302","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide279256","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2462","si279088","si279101","Button_2463","si279139","si279152","Text_Caption_2190","Text_Caption_2191","Button_2464","si279213","si279227","Image_1410","Text_Caption_2192","Image_1411"],"roles":{"slide":{"durationInFrames":1107},"navigation":{"navid":"Slide279256"}}},{"id":"Button_2465","class":"TODO::Senthil","instance":"Button_2465","roles":{"click":{"subtype":"button"}}},{"id":"si279486","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279499","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2466","class":"TODO::Senthil","instance":"Button_2466","roles":{"click":{"subtype":"button"}}},{"id":"si279537","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279550","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2195","class":"TODO::Senthil","instance":"Text_Caption_2195","title":"VOLUME & OPEN INTEREST ","roles":{"textData":{}}},{"id":"Button_2467","class":"TODO::Senthil","instance":"Button_2467","roles":{"click":{"subtype":"button"}}},{"id":"si279611","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si279625","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2198","class":"TODO::Senthil","instance":"Text_Caption_2198","title":"The trader in Denver now liquidates his position by selling a contract to a trader from San Francisco, who's establishing a new long position. Since the trader from Chicago has replaced the trader from New York, there are still two open contracts. The positions appear as follows: ","roles":{"textData":{}}},{"id":"Image_1415","class":"TODO::Senthil","instance":"Image_1415","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279666","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2199","class":"TODO::Senthil","instance":"Text_Caption_2199","title":"The trader in San Francisco, who is short, decides to offset (liquidate) his short position with a purchase. The trader in Phoenix, who Is long, also decides to offset his position with a sale. The trader in San Francisco buys a contract from the trader in Phoenix. Since both the trader in San Francisco and the trader in Phoenix have left the market, the open interest now declines to one contract. The open interest is represented by the long position of the trader in Chicago and die short position of the trader in Salt Lake City. The positions are as follows: ","roles":{"textData":{}}},{"id":"Image_1417","class":"TODO::Senthil","instance":"Image_1417","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279726","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide279694","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2465","si279486","si279499","Button_2466","si279537","si279550","Text_Caption_2195","Button_2467","si279611","si279625","Text_Caption_2198","Image_1415","Text_Caption_2199","Image_1417"],"roles":{"slide":{"durationInFrames":2337},"navigation":{"navid":"Slide279694"}}},{"id":"Image_1421","class":"TODO::Senthil","instance":"Image_1421","roles":{"click":{"subtype":"button"},"question":{"interactionId":"280195","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Button_2471","class":"TODO::Senthil","instance":"Button_2471","roles":{"click":{"subtype":"button"}}},{"id":"si280050","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280063","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2472","class":"TODO::Senthil","instance":"Button_2472","roles":{"click":{"subtype":"button"}}},{"id":"si280101","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280114","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2203","class":"TODO::Senthil","instance":"Text_Caption_2203","title":"VOLUME & OPEN INTEREST ","roles":{"textData":{}}},{"id":"Button_2473","class":"TODO::Senthil","instance":"Button_2473","roles":{"click":{"subtype":"button"}}},{"id":"si280170","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280184","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2204","class":"TODO::Senthil","instance":"Text_Caption_2204","title":"What Is Open Interest? Open interest is the total number of outstanding derivative contracts, such as options or futures that have not been settled for an asset. The total open interest does not count and total every buy and sell contract. Instead, open interest provides a more accurate picture of the options trading activity, and whether money flows into the futures and options market are increasing or decreasing.  If a buyer and seller come together and initiate a new position of one contract, then open interest will increase by one contract. Should a buyer and seller both exit a one contract position on a trade, then open interest decreases by one contract. However, if a buyer or seller passes off their current position to a new buyer or seller, then open interest remains unchanged. ","roles":{"textData":{}}},{"id":"Slide280218","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Image_1421","Button_2471","si280050","si280063","Button_2472","si280101","si280114","Text_Caption_2203","Button_2473","si280170","si280184","Text_Caption_2204"],"roles":{"slide":{"durationInFrames":1920},"navigation":{"navid":"Slide280218"}}},{"id":"Button_2474","class":"TODO::Senthil","instance":"Button_2474","roles":{"click":{"subtype":"button"}}},{"id":"si280293","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280306","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2475","class":"TODO::Senthil","instance":"Button_2475","roles":{"click":{"subtype":"button"}}},{"id":"si280344","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280357","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2206","class":"TODO::Senthil","instance":"Text_Caption_2206","title":"VOLUME & OPEN INTEREST ","roles":{"textData":{}}},{"id":"Button_2476","class":"TODO::Senthil","instance":"Button_2476","roles":{"click":{"subtype":"button"}}},{"id":"si280413","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si280427","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2207","class":"TODO::Senthil","instance":"Text_Caption_2207","title":"Understanding Open Interest To understand open interest, we must first explore how options and futures contracts are created. If an options contract exists, it must have had a buyer. For every buyer, there must be a seller since you cannot buy something that is not available for sale.  The relationship between the buyer and seller creates one contract, and a single contract equates to 100 shares of the underlying asset. The contract is considered \"open\" until the counter-party closes it. Adding up the open contracts, where there are a buyer and seller for each, results in the open interest. ","roles":{"textData":{}}},{"id":"Image_1422","class":"TODO::Senthil","instance":"Image_1422","roles":{"click":{"subtype":"button"},"question":{"interactionId":"280438","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2208","class":"TODO::Senthil","instance":"Text_Caption_2208","title":"Changes to Open Interest It's important to note that open interest equals the total number of contracts, not the total of each transaction by every buyer and seller. Open interest is the total of all the buys or all of the sells, not both.  The open interest number only changes when a new buyer and seller enter the market, creating a new contract, or when a buyer and seller meet—thereby closing both positions. For example, if one trader has ten contracts short (sell) and another has ten contracts long (purchase), and these traders then buy and sell ten contracts to each other, those contracts are now closed and will be deducted from open interest. 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These markets differ from the stock market, where the outstanding shares of a company's stock remain constant once a stock issuance has been completed.  A common misconception of open interest lies in its purported predictive ability. It cannot forecast price action. High or low open interest reflects investor interest, but it does not mean that their views are correct or their positions will be profitable. ","roles":{"textData":{}}},{"id":"Image_1424","class":"TODO::Senthil","instance":"Image_1424","roles":{"click":{"subtype":"button"},"question":{"interactionId":"280890","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2214","class":"TODO::Senthil","instance":"Text_Caption_2214","title":"Importance of Open Interest Open interest is a measure of market activity. Little or no open interest means there are no opening positions, or nearly all the positions have been closed. High open interest means there are many contracts still open, which means market participants will be watching that market closely.  Open interest is a measure of the flow of money into a futures or options market. Increasing open interest represents new or additional money coming into the market while decreasing open interest indicates money flowing out of the market. 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Open interest remains the same when an existing long sells his contract to a new long, or when an existing short buys a contract from a new short, Open interest is decreased when an existing long sells his contract to an existing short  ","roles":{"textData":{}}},{"id":"Image_1420","class":"TODO::Senthil","instance":"Image_1420","roles":{"click":{"subtype":"button"},"question":{"interactionId":"279989","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide279984","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2468","si279799","si279812","Button_2469","si279850","si279863","Text_Caption_2200","Button_2470","si279919","si279933","Text_Caption_2201","Image_1420"],"roles":{"slide":{"durationInFrames":1005},"navigation":{"navid":"Slide279984"}}},{"id":"Text_Caption_2323","class":"TODO::Senthil","instance":"Text_Caption_2323","title":"KNOWLEDGE CHECK ","roles":{"textData":{}}},{"id":"Image_1520","class":"TODO::Senthil","instance":"Image_1520","roles":{"click":{"subtype":"button","question":"Slide294181q1"},"question":{"interactionId":"293999","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"si294018","class":"TODO::Senthil","instance":"Text_Caption_562","title":"Open interest equals the total number of contracts, not the total of each transaction by every buyer and seller. Open interest is the total of all the buys or all of the sells, not both. 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The correct answer is True. Open interest equals the total number of contracts, not the total of each transaction by every buyer and seller. Open interest is the total of all the buys or all of the sells, not both. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si294167","class":"TODO::Senthil","instance":"Text_Caption_546","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide294181","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Text_Caption_2323","Image_1520","si294018","si294033","si294044","si294079","si294091","si294103"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide294181"},"question":{"interactionId":"293967","quizId":733,"title":"True/False","text":"Open interest equals the total number of contracts, not the total of each transaction by every buyer and seller. 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Volume refers to the total of purchases or sales during the trading session. For every contract purchased, there's one contract sold, and therefore purchases and sales are not added together.   Open interest increases when a new long position and a new short position are established.  Open interest remains the same when an existing long sells his contract to a new long, or when an existing short buys a contract from a new short.  Open interest is decreased when an existing long sells his contract to an existing short.  Open interest is the total number of outstanding derivative contracts, such as options or futures that have not been settled for an asset.  Open interest equals the total number of contracts, not the total of each transaction by every buyer and seller. Open interest is the total of all the buys or all of the sells, not both. 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Other terms that are used for the actual commodity are spots, physicals and actuals. Less than 2% of all contracts are settled by delivery of the cash commodity. The fact that delivery may be made means that the price of futures must relate realistically to the price of cash. ","roles":{"textData":{}}},{"id":"Text_Caption_2223","class":"TODO::Senthil","instance":"Text_Caption_2223","title":"The current price of wheat is $2.00 per bushel. A user of wheat (e.g., a baker) could go into the cash market and negotiate a purchase with a farmer, paying him $2.00 per bushel. He would then store the wheat until it's time to use it. He intends to use the wheat in the next month. ","roles":{"textData":{}}},{"id":"Image_1431","class":"TODO::Senthil","instance":"Image_1431","roles":{"click":{"subtype":"button"},"question":{"interactionId":"281630","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2224","class":"TODO::Senthil","instance":"Text_Caption_2224","title":"In this case, his cost will be $2.00 per bushel plus 3 cents for carrying charges, for a total of $2.03. He checks the price of next month's futures and discovers that the price is $ 1.97. In this case, the processor will not buy the cash wheat. Instead, he will buy the futures at $1.97 and accept delivery. Therefore, his cost would be $1.97 plus commission on the futures contract, which is 6 cents less than the cost of buying and carrying the wheat. 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In this case, the farmer will sell futures, hold his wheat for one month, and deliver against the futures contract, realizing $2.10 rather than the $2.00 he would receive if he sold in the cash market. His additional profit in holding the wheat for one month and delivering against his short position will be $0.07 ($0.10 less his carrying costs).  For the reasons shown in the examples, it's evident that the price of cash and the price of futures must converge during the delivery month. If they did not, traders would either buy or sell futures and take or make delivery rather than operate through the cash market. 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If the general opinion is that supply will be less, while demand will stay the same or increase, the price will be expected to rise.   If supply increases, while demand remains the same or decreases, the price will decline. These supply and demand factors will be reflected in the price of both the cash commodity and the futures. However, the price relationship between cash and futures, and between successive futures months, will move in unison because of the ability to deliver cash against futures contracts. 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The price of cash and the price of futures must converge during the delivery month.  The price for futures, as well as the price of the cash commodity, will vary from month-to-month in accordance with supply and demand. If the general opinion is that supply will be less, while demand will stay the same or increase, the price will be expected to rise.  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This type of market is referred to as a normal market, a carrying charge market, or a premium market.   In a market where the nearby month is selling at the highest price and successive months are selling at lower prices, this is referred to as an inverted market or a discount market. The factors that determine whether a market will be a carrying charge or an inverted market are dependent on supply and demand factors. ","roles":{"textData":{}}},{"id":"Image_1447","class":"TODO::Senthil","instance":"Image_1447","roles":{"click":{"subtype":"button"},"question":{"interactionId":"283549","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2253","class":"TODO::Senthil","instance":"Text_Caption_2253","title":"What Is a Carrying Charge Market? In a carrying charge market, the futures price of a commodity is higher than its spot price because of the costs—or “carrying charges”—associated with physically storing that commodity.   In these markets, one can approximate the likely futures price of a commodity by taking its spot price and adding its carrying charges. However, the actual futures price will often deviate from this prediction due to forces of supply and demand. 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Through them, companies that rely on commodities for their operations can source them at scale in a way that minimizes counter-party risk. At the same time, commodity producers can benefit from forward hedging and price transparency, while financial buyers can use the markets to speculate on commodity prices.  Because of the wide variety of commodities traded on these markets, some commodities futures market will show different patterns of pricing. For example, commodities such as corn, gold, and crude oil will generally have futures prices that are higher than their spot prices.   One of the main reasons for this is that these commodities cost money to store, due to factors such as feed for livestock, insurance for precious metals, or rent for warehouses. At the same time, these commodities do not pay any yield through dividends or interest, so owning them has a negative effect on the owner’s short-term cash flow.  These types of commodity futures are known as having “carrying charge markets” because their futures prices are influenced by their carrying charges. 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However, when a commodity is in low supply, spot prices may be higher than future prices. The increased price helps to ration the limited supply in the market. In this scenario, you could have an inverted futures curve, also known as backwardation. ","roles":{"textData":{}}},{"id":"Text_Caption_2255","class":"TODO::Senthil","instance":"Text_Caption_2255","title":"TYPES OF MARKETS - CARRYING CHARGE MARKET ","roles":{"textData":{}}},{"id":"Image_1455","class":"TODO::Senthil","instance":"Image_1455","roles":{"click":{"subtype":"button"},"question":{"interactionId":"284757","quizId":733,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Text_Caption_2256","class":"TODO::Senthil","instance":"Text_Caption_2256","title":"In some markets, most notably the energy market, backwardation is standard. For example, assume an investor goes long with a futures grain contract at $100 which is due in one year. If the expected future spot price is $70, the market is in backwardation. In that scenario, the futures price will have to fall, or the future spot price change, to converge with the expected future spot price ","roles":{"textData":{}}},{"id":"Slide284731","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2528","si284576","si284589","Button_2529","si284627","si284640","Button_2530","si284676","si284690","Text_Caption_2254","Text_Caption_2255","Image_1455","Text_Caption_2256"],"roles":{"slide":{"durationInFrames":2157},"navigation":{"navid":"Slide284731"}}},{"id":"Button_2531","class":"TODO::Senthil","instance":"Button_2531","roles":{"click":{"subtype":"button"}}},{"id":"si284855","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si284868","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2532","class":"TODO::Senthil","instance":"Button_2532","roles":{"click":{"subtype":"button"}}},{"id":"si284906","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si284919","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2533","class":"TODO::Senthil","instance":"Button_2533","roles":{"click":{"subtype":"button"}}},{"id":"si284955","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si284969","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2257","class":"TODO::Senthil","instance":"Text_Caption_2257","title":"What Is an Inverted Market? In the context of futures markets, an inverted market occurs when the spot price and near-maturity contracts are higher in price than far-maturity contracts.  An inverted market may arise for multiple reasons, including a short-term supply decrease, which causes prices to be higher in the short term. Or, short-term demand could be high, leading to higher prices, but demand is expected to fall in later months, leading to lower prices in the future.  An inverted market is seen by looking at static futures prices with different maturities. If the spot price is higher than a contract that expires in one month, which is higher than a contract that expires in four months, the futures curve is inverted. ","roles":{"textData":{}}},{"id":"Text_Caption_2258","class":"TODO::Senthil","instance":"Text_Caption_2258","title":"TYPES OF MARKETS - INVERTED MARKET ","roles":{"textData":{}}},{"id":"Image_1456","class":"TODO::Senthil","instance":"Image_1456","roles":{"click":{"subtype":"button"},"question":{"interactionId":"285016","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide285010","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2531","si284855","si284868","Button_2532","si284906","si284919","Button_2533","si284955","si284969","Text_Caption_2257","Text_Caption_2258","Image_1456"],"roles":{"slide":{"durationInFrames":1668},"navigation":{"navid":"Slide285010"}}},{"id":"Button_2534","class":"TODO::Senthil","instance":"Button_2534","roles":{"click":{"subtype":"button"}}},{"id":"si285116","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285129","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2535","class":"TODO::Senthil","instance":"Button_2535","roles":{"click":{"subtype":"button"}}},{"id":"si285167","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285180","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2536","class":"TODO::Senthil","instance":"Button_2536","roles":{"click":{"subtype":"button"}}},{"id":"si285216","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si285230","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2260","class":"TODO::Senthil","instance":"Text_Caption_2260","title":"An inverted market is one where the spot price and near-term maturity futures contracts are priced higher than more-distant maturity contracts.  A normal market is the opposite, where futures prices are increasing as the time to maturity increases reflecting the expected spot price plus the costs associated with interest, storage, and insurance for holding the asset until maturity.  The terms inverted and normal market refer to how futures prices compare to each other at varying maturities.  The terms contango and backwardation refer to how a futures contract moves (rising or falling) toward the spot price as the contract moves toward expiration. 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Contango usually occurs when an asset price is expected to rise over time. That results in an upward sloping forward curve.  Backwardation is when the current price, or spot price, of an underlying asset is higher than prices trading in the futures market. 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Contango usually occurs when an asset price is expected to rise over time. That results in an upward sloping forward curve. ","roles":{"textData":{}}},{"id":"si294484","class":"TODO::Senthil","instance":"Text_Caption_568","title":"A) ","roles":{"textData":{}}},{"id":"si294488","class":"TODO::Senthil","instance":"Text_Caption_569","title":"True ","roles":{"textData":{}}},{"id":"si294484_a","class":"TODO::Senthil","instance":"68_79","roles":{"answer":{"title":"True","index":"Not implemented","score":{"weight":0}}}},{"id":"si294495","class":"TODO::Senthil","instance":"Text_Caption_570","title":"B) ","roles":{"textData":{}}},{"id":"si294499","class":"TODO::Senthil","instance":"Text_Caption_571","title":"False ","roles":{"textData":{}}},{"id":"si294495_a","class":"TODO::Senthil","instance":"70_80","roles":{"answer":{"title":"False","index":"Not implemented","score":{"weight":0}}}},{"id":"si294534","class":"TODO::Senthil","instance":"Button_186","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide294636q2","for":"Slide294636q2"},"textData":{}}},{"id":"si294546","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide294636q2","for":"Slide294636q2"},"textData":{}}},{"id":"si294558","class":"TODO::Senthil","title":"Submit ","roles":{"click":{"subtype":"submit","question":"Slide294636q2","for":"Slide294636q2"},"textData":{}}},{"id":"si294590","class":"TODO::Senthil","instance":"Text_Caption_547","title":"Incorrect - The correct answer is True. The correct answer is True. Contango is a situation where the futures price of a commodity is higher than the spot price. Contango usually occurs when an asset price is expected to rise over time. That results in an upward sloping forward curve. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si294622","class":"TODO::Senthil","instance":"Text_Caption_548","title":"Correct - Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"Slide294636","class":"Question Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Text_Caption_2327","Image_1522","si294473","si294488","si294499","si294534","si294546","si294558"],"roles":{"slide":{"durationInFrames":90},"navigation":{"navid":"Slide294636"},"question":{"interactionId":"294426","quizId":733,"title":"True/False","text":"Contango is a situation where the futures price of a commodity is higher than the spot price. 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On most exchanges, the current month or spot month has no daily price limit.  On the CBOT, when three or more delivery months of a given commodity close at the limit higher or lower, the daily price limit is raised to 150% of the current level for all contract months and remain there for three successive business days.   Minimum margin rates are also increased by 150% when the price limits are expanded. The Chicago Mercantile Exchange doesn't automatically raise margin rates when expanded daily price limits are in effect.    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Prices are quoted in cents and quarter cents per bushel. The minimum price fluctuation (tick) is one quarter (1/4) cent per bushel or $12.50 per contract (5,000 bushels x $.0025 = $12.50).  Soybean On the CBOT, the soybean contract is 5,000 bushels. Prices are quoted in cents and quarter cents per bushel. A tick is one quarter (1/4) cent per bushel or $12.50 per contract.  On the CBOT, the soybean oil contract is 60,000 pounds and prices are quoted in dollars and cents per hundredweight. The daily price limit is 1 cent per pound or $1.00 per hundredweight. The expanded limit is $1.50 per hundredweight. The minimum tick is 1/100 of a cent per pound or 1 cent per hundredweight or $6.00 per contract ($.0001 x 60,000 lbs. = 6.00).  The soybean meal contract is 100 tons and prices are quoted in dollars and cents per ton. The daily price limit is $10 per ton and the expanded limit is $15 per ton. The minimum price fluctuation is $0.10 per ton or $10 per contract ($0.10 x 100 tons = $10.00).  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Prices are quoted in cents and quarter cents per bushel. The minimum price fluctuation (tick) is one quarter (1/4) cent per bushel or $ 12.50 per contract (5,000 bushels x $.0025 = $12.50).  On the CBOT, the soybean contract is 5,000 bushels. Prices are quoted in cents and quarter cents per bushel. A tick is one quarter (1/4) cent per bushel or $12.50 per contract.   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T-bonds earn periodic interest until maturity, at which point the owner is also paid a par amount equal to the principal.  Treasury bonds are part of the larger category of U.S. sovereign debt known collectively as treasuries, which are typically regarded as virtually risk-free since they are backed by the U.S. government's ability to tax its citizens.  T-bond futures are not obligations of the U.S. Government. T-bond futures call for the delivery of U.S. Treasury bonds which are backed by the full faith and credit of the U.S. Government, but the futures contracts are not backed by the government. 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The daily price limit is ninety-six thirty-seconds (96/32nds), or $3,000 per contract. The expanded limit is 144/32nds, or $4,500 per contract. Delivery months are March, June, September, and December.  Bond prices move in an inverse relationship to interest rates. In other words, when interest rates rise, bond prices drop, and when interest rates drop, bond prices rise.  ","roles":{"textData":{}}},{"id":"Text_Caption_2285","class":"TODO::Senthil","instance":"Text_Caption_2285","title":"Treasury bond futures are referred to as long-term financial futures. Other long-term financial futures are U.S. Treasury notes (U.S. T-notes) and Government National Mortgage Association Contracts (GNMA futures). 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The three short-term interest rate futures contracts are: U.S. Treasury bills (U.S. T-bills) Domestic Certificates of Deposit (CDs) Eurodollar Time Deposits  U.S. T-bills are sold on a discount basis (less than face value) and mature at face value.   The contracts are agreements to buy or sell $1 million ($1,000,000) of the securities at a given time in the future. The contracts are traded using a price index, which is derived by subtracting the interest rate from 100.00. An interest rate of 8 1/4% is an index price of 91.75 (100.00 - 8.25 = 91.75).   If interest rates decline, the price of the contract rises. Conversely, if interest rates rise, the price of the contract declines.  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The contract months are March, June, September, and December. There's no daily trading limit.  If a trader believes that interest rates will rise, he should sell T-bill futures contracts. On the other hand, if he believes that interest rates will fall, he should buy T-bill futures contracts. 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T-bonds earn periodic interest until maturity, at which point the owner is also paid a par amount equal to the principal. 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The correct answer is True. Treasury bonds (T-bonds) are government debt securities issued by the U.S. Federal government that have maturities greater than 20 years. T-bonds earn periodic interest until maturity, at which point the owner is also paid a par amount equal to the principal. Click anywhere or press ‘y’ to continue. ","roles":{"textData":{}}},{"id":"si294851","class":"TODO::Senthil","instance":"Text_Caption_577","title":"Correct - Click anywhere or press ‘y’ to continue. 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T-bonds earn periodic interest until maturity, at which point the owner is also paid a par amount equal to the principal.  T-bond futures prices are quoted as a percentage of par in minimum increments of one thirty-second (1/32) of a point, or $31.25 per tick   Treasury bond futures are referred to as long-term financial futures.   The CME trades short-term financial futures. The three short-term interest rate futures contracts are: U.S. Treasury bills (U.S. T-bills) Domestic Certificates of Deposit (CDs) Eurodollar Time Deposits  Each futures contract is $ 1 million face amount of three-month securities, each basis point (0.01) of price change (minimum tick) is $25 (.01% x 1,000,000 x 1/4 yr. = $25).   The contract months are March, June, September, and December. There's no daily trading limit.  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The Interbank Market involves the purchase and sale of foreign currencies between financial intermediaries, such as commercial and investment banks.  The Interbank Market is unregulated and decentralized. The most common type of transactions that take place in this market are spot transactions, which settle in two business days from the trade date. Another type is a forward transaction, which settles in more than two business days.  Currency futures—futures contracts where the underlying commodity is a currency exchange rate—provide access to the foreign exchange market in an environment that is similar to other futures contracts. ","roles":{"textData":{}}},{"id":"Image_1481","class":"TODO::Senthil","instance":"Image_1481","roles":{"click":{"subtype":"button"},"question":{"interactionId":"288470","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide288464","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2573","si288296","si288309","Button_2574","si288347","si288360","Text_Caption_2293","Button_2575","si288416","si288430","Text_Caption_2294","Image_1481"],"roles":{"slide":{"durationInFrames":1716},"navigation":{"navid":"Slide288464"}}},{"id":"Button_2576","class":"TODO::Senthil","instance":"Button_2576","roles":{"click":{"subtype":"button"}}},{"id":"si288543","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288556","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2577","class":"TODO::Senthil","instance":"Button_2577","roles":{"click":{"subtype":"button"}}},{"id":"si288594","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288607","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2295","class":"TODO::Senthil","instance":"Text_Caption_2295","title":"FOREIGN CURRENCY FUTURES ","roles":{"textData":{}}},{"id":"Button_2578","class":"TODO::Senthil","instance":"Button_2578","roles":{"click":{"subtype":"button"}}},{"id":"si288663","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si288677","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2296","class":"TODO::Senthil","instance":"Text_Caption_2296","title":"Forex Futures Currency futures, also called forex futures or foreign exchange futures, are exchange-traded futures contracts to buy or sell a specified amount of a particular currency at a set price and date in the future. Currency futures were introduced at the Chicago Mercantile Exchange (now the CME Group) in 1972 soon after the fixed exchange rate system and the gold standard were discarded.  ﻿Similar to other futures products, they are traded in terms of contract months with standard maturity dates typically falling on the third Wednesday of March, June, September, and December.  Factors that affect the supply or demand of a country's currency play a major role in establishing its spot rate. These factors include: Demand for a country's products and/or raw materials A country's balance of payments The level of affluence of a country's population The level of foreign investment by the country Government monetary and fiscal policy Direct government intervention   ","roles":{"textData":{}}},{"id":"Image_1483","class":"TODO::Senthil","instance":"Image_1483","roles":{"click":{"subtype":"button"},"question":{"interactionId":"288717","quizId":-1,"text":"Image ","type":"graded","interactionType":"choice","score":{"weight":1,"penalty":0}},"textData":{}}},{"id":"Slide288711","class":"Normal Slide","instance":"","thumbnail":"","children":["Text_Caption_2331","Text_Caption_259","Button_2576","si288543","si288556","Button_2577","si288594","si288607","Text_Caption_2295","Button_2578","si288663","si288677","Text_Caption_2296","Image_1483"],"roles":{"slide":{"durationInFrames":2496},"navigation":{"navid":"Slide288711"}}},{"id":"Button_2582","class":"TODO::Senthil","instance":"Button_2582","roles":{"click":{"subtype":"button"}}},{"id":"si289070","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si289083","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Button_2583","class":"TODO::Senthil","instance":"Button_2583","roles":{"click":{"subtype":"button"}}},{"id":"si289121","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si289134","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2299","class":"TODO::Senthil","instance":"Text_Caption_2299","title":"FOREIGN CURRENCY FUTURES ","roles":{"textData":{}}},{"id":"Button_2584","class":"TODO::Senthil","instance":"Button_2584","roles":{"click":{"subtype":"button"}}},{"id":"si289190","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"si289204","class":"TODO::Senthil","roles":{"click":{"subtype":"button"}}},{"id":"Text_Caption_2300","class":"TODO::Senthil","instance":"Text_Caption_2300","title":"Other factors, which include a country's political atmosphere, the existence or threat of war, and trade embargoes may also contribute to the strength or weakness of a foreign currency.  With the exception of the Euro, most countries have their own currency.  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The Eurosystem, which is made up of the national central banks and the European Central Bank (EC6), was formed to implement monetary policy, conduct foreign exchange operations, and operate the payment system of the Euro.   The Euro helps to eliminate currency risks in capital markets on securities which are issued and traded among the countries that have accepted the Euro as a single currency.  The CME has futures contracts on foreign currencies and the price of a currency futures contract is the U.S. dollar price for one unit of the currency. The value of the contract is that price times the number of currency units in the contract.  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